WES can outperform its peers into Christmas as a more defensive retailer, with its diverse mix of underlying businesses. That said, we think this is in the price and with a yield sub 3%, WES is now less appealing than in previous years. Another example of a good stock/company that looks almost fully valued, a common characteristic when we trade around all-time highs.
- We like WES, but it’s hard to get excited about its value above $70.
MM is cautiously bullish towards WES
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